CAFR Project – 20 questions about Miami-Dade County’s annual comprehensive

Requirements: as needed
County Government ACFR Analysis ProjectACG 4501 & 5658You may work on this project individually or in a team not to exceed three registered students. Make sure all names are listed on the first page of this document when submitting. When submitting in Canvas, only one student will need to submit for their team, but please leave a comment with the submission mentioning the names of everyone involved. Access Miami-Dade county’s most recent issuance of the County’s Annual Comprehensive Financial Report (ACFR). The most recent report as of the beginning of the Fall 2023 semester is the 2022 Annual Comprehensive Financial Report (ACFR), so please use that one. *You may see that reports are now titled ACFR as opposed to CAFR. They are the same thing. GASB changed the name to ACFR in 2021, but you may see reference to both terms. Please save this document and enter your answers below each question. You are welcome to highlight or bold your answers so they stand out if you would like. Answer each of the following questions by entering your response below each question and any subpart(s) to the questions so the reader / grader can easily follow each answer number including subpart(s). Make sure your name(s) is (are) on the first page. 1. What is the specific URL link/website the professor can access to verify your answers to questions 5 through 19? Questions 2 through 4 pertain to any government, not just the County specified.2. Type the definition of a ACFR and provide the link where you obtained your definition (please use a scholarly resource).3. What are the minimum requirements for general purpose external financial reports under GASB? Are these broader or narrower than the minimum called for in an ACFR? Explain, cite, and provide the link where you obtained your answer. 4. Which are generally prepared first—the government wide financial statements or the fund-based financial statements, and how is one set derived from the other? Explain, cite, and provide the link where you obtained your answer.1
The remaining questions pertain specifically to the County specified. *You must provide the page number of the ACFR report for every answer so I can verify your responses. Please state whether you are referring to the report page number or the PDF page number (or both). If certain questions ask you to list certain items, you are welcome to screen shot and paste as opposed to typing out tons of lines. Just make sure to include everything being asked.5. How many governmental fund columns, excluding the total, are presented? What are the names of each? Does the County present a “Permanent Fund”? If so, what is the relative size of it compared to other funds? How many proprietary fund columns, excluding the total, are presented? What are the names of each? How many fiduciary funds are included? What are their names?6. For the governmental funds “Budget and Actual” financial statements—is the county overall favorable or unfavorable? Why? How does the County treat the budget v. actual variance presentation—as part of the basic financial statements or as part of the RSI. Do you agree with the County on its position of presentation?7. Proprietary funds: for each column in the statement of cash flows, provide the dollar amounts of Net cash provided (used) by operating activitiesNet cash provided (used) by non-capital financing activities Net cash provided (used) by capital and related financing activitiesNet cash provided (used) by investing activitiesNet increase (decrease) in cashCash balances, beginning of yearCash balances, end of year What aspects here are favorable? Unfavorable?8. What items or County services are included in the “Component Units”? For each column in the statement of net position (including Governmental, Business-Types, and Component Units), provide the dollar amount ofTotal assetsTotal liabilitiesTotal net assetsIs this a good mix? Favorable or unfavorable? Why?Are there any fiduciary type activities presented? If not, why not?2
9. Does your County’s presentation of the Government-wide statement of activities compare exactly to the example on pages 42-43 of the Reck, 19e, textbook Illustration A2-2? If not, how is it different, and do you agree with the County’s presentation?10. Identify and list the major funds. State whether each are special revenue funds, debt service funds, capital projects funds, and/or permanent funds. Identify and list the nonmajor funds. State whether each are special revenue funds, debt service funds, capital projects funds, and/or permanent funds.11. List the items included in Required Supplementary Information (RSI) of your County’s ACFR.12. For your county’s MD&A, list three items that they specifically mention. How many pages of info does the MD&A section provide?13. How many reports by external CPAs are included in the ACFR? List each of these by name. Are all the reports unqualified? If not, why not?14. Other sections: a)List the information that is provided in the County’s “Introductory” section.b) List the information that is provided in the County’s “Statistical” section.15. Is there a “Compliance” section for your County? If so, what is included?16. Does your County’s ACFR address any Single Audit issues for reporting? If so, where/how? 17. In the Statistical section of the ACFR, how much have the property taxes changed in the past 10 years (percent change and dollar amount)? Does that change correlate more with inflation or real estate values? Please explain.18. Since Governmental Fund Financial Statements use the modified accrual basis of accounting, they must be reconciled to the total governmental activities net position reported in the Statement of Net Position. Is your county’s reconciliation displayed on the face of the Balance Sheet (governmental funds) or as a standalone schedule? What reconciliations are being made and how much? 19. Recommendations – In separate strong paragraphs, make at least two distinct recommendations to the County to improve financial position or operating performance. 20. List at least three important issues/questions that the professor did not ask about that would improve this project for future classes.3